Shortly after HFH formed in 2012, there was a need to accelerate the availability of housing for people experiencing homelessness who were facing difficulties in securing housing. Access to rental subsidies is a limiting factor in the work to end homelessness. In order to address this need, HFH launched the Flexible Housing Subsidy Pool (FHSP), a locally funded rental subsidy program. The program launched in February 2014 with an initial contribution of $14 million from Los Angeles County and $4 million from the Conrad N. Hilton Foundation.

The FHSP is operated by a non-profit contractor Brilliant Corners (BC). BC fulfills a range of functions that are necessary to nimbly and responsively operate in the dynamic Los Angeles real estate market.

Since its launch, FHSP has housed people in the private rental market; it has provided subsidies in project based buildings with tax credits; housed people experiencing homelessness who are medically fragile in enriched residential care environments; and in interim housing. The FHSP was designed so that other public and private partners, including other County departments, would be able to add funds to serve clients that they prioritize for housing. Since the FHSP was developed it has expanded to provide housing paired with ICMS for several additional programs.